Sinopec Joins Bidding for Ghana Field

SHANGHAI (TheStreet) -- China Petroleum & Chemical(SNP Quote), also known as Sinopec, has made an offer to the government of Ghana to jointly bid for a stake in the Jubilee oil field off the coast of Ghana, a report says.

Sinopec recently made an offer to Ghana National Petroleum Corp. to form a joint bid for a stake in the Jubilee field, the Wall Street Journal reports, citing a person familiar with the matter. But GNPC officials rejected the initial offer and waiting to hear from all potential partners before making a decision.

It was reported last week by Bloomberg that Euroopean oil giant BP(BP Quote) may bid for a stake in the oil field. China's Cnooc(CEO Quote) also is reported to have made overtures about acquiring a stake, but it may no longer be interested.

The Jubilee stake is owned by U.S. company Kosmos Energy, which earlier this month signed a binding agreement for Exxon Mobil (XOM Quote) to buy the $4 billion stake.

The Journal says senior Exxon officials were expected to have arrived in Ghana Monday for meetings with government officials to discuss the deal. GNPC representatives said they have the right of refusal for any such agreement, the newspaper adds.

-- Reported by Joseph Woelfel in New York .

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